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Preferred Shares (Tables) | 12 Months Ended
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Dec. 31, 2020
Share Capital, Reserves And Other Equity Interest [Abstract] |
Issued and outstanding | TransAlta is authorized to issue an unlimited number of voting common shares without nominal or par value.
As at Dec. 31 | 2020 | 2019
| Common shares (millions) | Amount | Common shares (millions) | Amount
Issued and outstanding, beginning of year | 277.0 |  | 2,978 |  | 284.6 |  | 3,059 |
Purchased and cancelled under the NCIB | (7.3) |  | (79) |  | (7.7) |  | (83) |
Effects of share-based payment plans | — |  | (3) |  | — |  | — |
Stock options exercised | 0.1 |  | — |  | 0.1 |  | 2 |
Issued and outstanding, end of year | 269.8 |  | 2,896 |  | 277.0 |  | 2,978 |
The following are the effects of the Corporation's purchase and cancellation of the common shares during the year:
For the year ended Dec. 31 | 2020 | 2019
Total shares purchased(1) | 7,352,600 |  | 7,716,300 |
Average purchase price per share | $ | 8.33 |  | $ | 8.80 |
Total cost | 61 |  | 68 |
Weighted average book value of shares cancelled | 79 |  | 83 |
Amount recorded in deficit | 18 |  | 15 |
(1) As at Dec. 31, 2020, includes 456,200 (2019 -189,900) shares that were repurchased but were not cancelled due to timing differences between the transaction date and settlement date. All preferred shares issued and outstanding are non-voting cumulative redeemable fixed or floating rate first preferred shares.
As at Dec. 31 | 2020 | 2019
Series | Number of shares (millions) | Amount | Number of shares (millions) | Amount
Series A | 10.2 |  | 248 |  | 10.2 |  | 248 |
Series B | 1.8 |  | 45 |  | 1.8 |  | 45 |
Series C | 11.0 |  | 269 |  | 11.0 |  | 269 |
Series E | 9.0 |  | 219 |  | 9.0 |  | 219 |
Series G | 6.6 |  | 161 |  | 6.6 |  | 161 |
Issued and outstanding, end of year | 38.6 |  | 942 |  | 38.6 |  | 942 |
Characteristics specific to preferred share series | Characteristics specific to each first preferred share series as at Dec. 31, 2020, are as follows:
Series | Rate during term | Annual dividend rate per share ($) | Next conversion date | Rate spread over Benchmark (per cent) | Convertible to Series
A | Fixed | 0.67724 |  | March 31, 2021 | 2.03 |  | B
B | Floating | 0.73801 |  | March 31, 2021 | 2.03 |  | A
C | Fixed | 1.00676 |  | June 30, 2022 | 3.10 |  | D
D | Floating | — |  | — |  | 3.10 |  | C
E | Fixed | 1.29852 |  | Sept. 30, 2022 | 3.65 |  | F
F | Floating | — |  | — |  | 3.65 |  | E
G | Fixed | 1.24700 |  | Sept. 30, 2024 | 3.80 |  | H
H | Floating | — |  | — |  | 3.80 |  | G
Disclosure Of Dividends Declared On Preference Shares [Table Text Block] | The following table summarizes the value of the preferred share dividends declared in 2020, 2019 and 2018:
| Total dividends declared
Series | 2020 | 2019(1) | 2018
A | 9 |  | 5 |  | 9 |
B(2) | 1 |  | 1 |  | 1 |
C | 14 |  | 8 |  | 14 |
E | 15 |  | 9 |  | 15 |
G | 10 |  | 7 |  | 11 |
Total for the year | 49 |  | 30 |  | 50 |
(1) No dividends were declared in the first quarter of 2019 as the quarterly dividend related to the period covering the first quarter of 2019 was declared in December 2018. (2) Series B Preferred Shares pay quarterly dividends at a floating rate based on the 90-day Government of Canada Treasury Bill rate, plus 2.03 per cent.

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